COSO Model Flashcards
1
Q
Name the three levels of the COSO Model control monitoring process
A
Establish a foundation
Design and execute
Assess and report
2
Q
List the items that are included in the three levels of the COSO Model Control Monitoring Process
A
Establish a foundation
Tone from the top
Organizational structure
Baseline understanding of internal control effectiveness
Design and execute
Prioritize risks
Identify controls
Identify persuasive information about controls
Implement monitoring procedures
Assess and report
Prioritize findings
Report results to the appropriate level
Follow up on corrective action
3
Q
Principles of Internal Control
A
- Competence- Control Environment
- Accountability- Control Environment
- Board Independence- Control Environment
- Lines of Authority- Control Environment
- Ethics- Control Environment
- Objectives- Risk Assessment
- Assessment- Risk Assessment
- Fraud- Risk Assessment
- Change Management- Risk Assessment
- Risk Reduction- Control Activities
- Technology Controls- Control Activities
- Policies- Control Activities
- Quality- Information and Communication
- Internal- Info and Communication
- External- Info and Communication
4
Q
What does COSO stand for
A
Committee on Sponsoring Organizations
